More than 130 families who were forced out Sydney s sinking Mascot Towers after the building started cracking at the foundation still can t sell or rent their apartments two years down the track.
Owners who forked out millions buying their apartments in the city s inner-south could now lose everything, and they are calling on the government to step in.
After a building manager discovered cracks in the basement on June 16, 2019, all residents were given just four hours to evacuate the following day.
Fast forward to April 2021 and scores of lounge rooms are still laden with furniture, with bedrooms also remaining untouched.
The controversial Mascot Towers in Sydney s inner-south were closed in June 2019 amid fears the building would collapse
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Owners of apartments in the troubled Mascot Towers building have been advised it is no longer financially viable to fix the building and that their best option is to sell up.
Key points:
Even then, losses are likely to be between 70-80 per cent of what they paid
Owners have two weeks to consider their position before a vote that needs complete agreement
At a meeting on Thursday night, owners were told several developers are interested in buying the building with a view to demolishing it and rebuilding from scratch.
Chair of the Mascot Towers Owners Corporation Gary Deigan told the ABC: The only solution in our mind is to sell the building off.
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Almost two years after Mascot Towers was evacuated, owners will meet on Thursday evening to discuss the collective sale of the property in a bid to end their nightmare.
Residents will attend an informal information evening at The Juniors Maroubra club to discuss their limited options. The future of the building will be decided at an extraordinary general meeting in about two weeks when owners will vote on the preferred outcome.
The possibility of selling the 132-unit block in Sydneyâs south was first raised in May last year.
Credit:SMH
Mascot Towers Owners Corporation chair Gary Deigan said while owners had sought rectification of the property, high engineering and construction costs had left them in financial strife, with many unable to meet bank repayments.
Mascot Towers: residents to consider selling building after exhausting all options smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.
The Mascot Towers complex in Sydney s inner south was evacuated in June 2019
Residents have been unable to return due to major cracks found in the building
Retailers including a supermarket on the ground floor have continued to trade
Access to those businesses was originally going to be blocked by December 18
A reprieve moved back a deadline for safety compliance measures to January 29
Mascot Towers Owners Corporation said the fencing was required by SafeWork